Marathon Petroleum Corporation · NYSE:MPC
Marathon Petroleum — Q1 2026 Earnings Presentation
29 slides from Marathon Petroleum's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
MPC | 1Q 2026 FIRST QUARTER 2026 EARNINGS CONFERENCE CALL May 5, 2026 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS MPC | 1Q 2026 This presentation contains forward-looking statements regarding Marathon Petroleum Corporation (MPC). These forward-looking statements may relate to, among other things, MPC’s expectations, estimates and projections concerning its business and operations, fin
Slide 3: First Quarter Business Update
FIRST QUARTER BUSINESS UPDATE MPC | 1Q 2026 $1.7 billion of cash from operations, excl. changes in Strong working capital Through-Cycle Safely completed ~40% of 2026 planned Cash Flow turnaround activity, accelerating activity into 1Q26 with full-year spend unchanged Durable Progressing MPLX growth
Slide 4: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS MPC | 1Q 2026 1Q 1ST QUARTER 2026 $ Millions (unless otherwise noted) Adjusted Earnings per Share $1.65 ($/diluted share)(a) Adjusted EBITDA $2,763 R&M Segment Adj EBITDA per Barrel $5.37 Cash Flow from Operations, $1,694 excl. Changes in Working Capital Total Return of Capi
Slide 5: Adjusted EBITDA to Net Income
ADJUSTED EBITDA TO NET INCOME MPC | 1Q 2026 Adjusted EBITDA Reconciliation to Net Income 888 80 2,763 32 -122 -58 1,975 -1,391 -553 511 -340 1Q 2025 Refining & Midstream Renewable Corporate 1Q 2026 Adjustments Turnaround Interest Noncontrolling 1Q 2026 Adj. EBITDA Marketing Diesel Adj. EBITDA (a) an
Slide 6: Refining & Marketing Segment
REFINING & MARKETING SEGMENT MPC | 1Q 2026 412 -127 1,377 -103 -2 686 22 99% capture 89% utilization Strong planning, commercial, and 489 operational execution 1Q 2025 Gulf Coast Mid-Con West Coast Operating Distribution Other 1Q 2026 Segment Margin Margin Margin Costs Costs Segment Adj. EBITDA (a)
Slide 7: Refining & Marketing Regions
REFINING & MARKETING REGIONS MPC | 1Q 2026 416 1,377 99% capture 596 -124 89% utilization Strong planning, commercial, and 488 operational execution 1Q 2025 Segment Gulf Coast Mid-Con West Coast 1Q 2026 Segment Adj. EBITDA ($MM) Region Region Region Adj. EBITDA ($MM) 7
Slide 8: Refining & Marketing Margin
REFINING & MARKETING MARGIN MPC | 1Q 2026 5,000 4,589 4,550 Distillate margin 4,500 -39 strength Secondary products 4,000 headwind Derivatives impact 3,500 100% 99% 3,000 1Q26 R&M Capture 1Q26 R&M Margin Indicator Impact Margin ($MM) (a) ($MM) (a) Capture reflects the percentage of our R&M Margin In
Slide 9: Midstream Segment
MIDSTREAM SEGMENT MPC | 1Q 2026 1,720 1,598 Executing value chain -120 -2 growth strategy Year-over-year 1Q decline driven by: • Derivative losses • Non-recurring benefit in 1Q25 • Asset divestitures 1Q 2025 MPLX Other 1Q 2026 Segment Midstream Segment Adj. EBITDA Adj. EBITDA ($MM) ($MM) 9
Slide 10: Renewable Diesel Segment
RENEWABLE DIESEL SEGMENT MPC | 1Q 2026 3 107 -6 38 63% utilization -24 Stronger margin environment Recognition of clean fuel production tax credits -42 1Q 2025 Operating Operating Distribution Other 1Q 2026 Segment Margin Costs Costs (a) Segment Adj. EBITDA Adj. EBITDA ($MM) ($MM) (a) Includes incom
Slide 11: Total Consolidated Cash Flow
TOTAL CONSOLIDATED CASH FLOW MPC | 1Q 2026 1,694 -573 3,672 3,600 -1,201 -64 125 -457 -295 MPLX 2,137 2,151 -750 1,600 MPLX 1,506 MPC 1,535 MPC 645 -400 12/31/2025 Cash Flow Changes in Capital Changes Return of Other Dividends Share 3/31/2026 Cash + from Working Capital Expenditures, in Debt Capital
Slide 12: Second Quarter 2026 Outlook
SECOND QUARTER 2026 OUTLOOK MPC | 1Q 2026 Gulf Coast Mid-Con West Coast R&M Total Crude Throughput 1,235 1,030 530 2,795 MBPD Other Charge / Blendstocks, net 110 65 20 195 MBPD Total Throughput, net 1,345 1,095 550 2,990 MBPD Utilization 99% 87% 96% 94% Sweet Crude 45% 75% 40% 55% % of Throughput So
Slide 13: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS MPC | 1Q 2026 Producing a renewable diesel Safety is our top priority - that typically exceeds Dedicated to cultivating a empowering our people with the resources, skills, training and authority 50% lower safe, collaborative work environment while promoting an to make the r
Slide 14: Midstream Differentiation
MIDSTREAM DIFFERENTIATION MPC | 1Q 2026 Sustaining Growth Share Dividend Capital Capital Repurchases Disciplined Return 100% of excess Maintain safety and Secure, competitive, approach to capital capital through share reliability of assets and growing investment repurchases $2.8 billion(a) annualize
Slide 15: Committed to Creating Exceptional Value
COMMITTED TO CREATING MPC | 1Q 2026 EXCEPTIONAL VALUE INVESTMENT RATIONALE Safety and reliability Strong through-cycle Operational excellence cash flow Commercial performance PRIORITIZING Profitability per barrel Durable midstream LEADING growth delivers cash Optimize portfolio today → future flow u
Slide 16: Appendix
MPC | 1Q 2026 16 APPENDIX
Slide 17: Balance Sheet: Foundation for Strategy Execution
BALANCE SHEET: MPC | 1Q 2026 FOUNDATION FOR STRATEGY EXECUTION MPC SENIOR NOTES MATURITIES (a) MPC MPC MPLX NEXT 10 YEARS Excluding 2 Consolidated Adjustments (c) MPLX As of March 31, 2026 ($ Millions except ratio data) $ Billions 1 Cash (d) $2,151 $1,506 $645 Total Debt $32,825 $25,634 $7,191 Total
Slide 18: Refining & Marketing Segment Adjusted EBITDA per Barrel
REFINING & MARKETING SEGMENT MPC | 1Q 2026 ADJUSTED EBITDA PER BARREL 1ST QUARTER 1ST QUARTER 2026 2025 Dollar per barrel of net refinery throughput Gulf Coast Region $6.20 $0.74 Mid-Continent Region $1.50 $2.57 West Coast Region $11.61 $3.03 Refining & Marketing Segment $5.37 $1.91 18
Slide 19: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT MPC | 1Q 2026 ADJUSTED EBITDA Volume + $253 Product + $684 557 Crude - $976 4,550 -31 127 -39 3,936 -1,599 7 1,377 -1,581 Blended Sweet Sour Market Other R&M Margin Operating Distribution Other R&M Crack Differential Differential Structure Margin ($MM) Costs Costs Segmen
Slide 20: Refining & Marketing Segment Adjusted EBITDA
REFINING & MARKETING SEGMENT MPC | 1Q 2026 ADJUSTED EBITDA Volume - $66 Product + $22 Crude - $141 205 39 1,037 24 -185 1,377 -127 -103 -2 489 1Q 2025 Blended Sweet Sour Market Other Operating Distribution Other 1Q 2026 Segment Crack Differential Differential Structure Margin Costs Costs Segment Adj
Slide 21: Income Summary for Operations
INCOME SUMMARY FOR OPERATIONS MPC | 1Q 2026 2025 2026 ($ Millions unless otherwise noted) 1Q 2Q 3Q 4Q 1Q Refining & Marketing segment income (loss) (371) 1,235 936 1,279 460 Midstream segment income 1,369 1,292 1,340 1,299 1,216 Renewable Diesel segment income (loss) (101) (87) (99) (48) (30) Corpor
Slide 22: Reconciliation: Net Income to Adjusted Net Income
RECONCILIATION MPC | 1Q 2026 NET INCOME ATTRIBUTABLE TO MPC TO ADJUSTED NET INCOME ATTRIBUTABLE TO MPC 2026 ($ Millions unless otherwise noted) 1Q Net income attributable to MPC 511 Pre-tax adjustments: Clean fuel production tax credit(a) (32) Tax impact of adjustments(b) 8 Adjusted net income attri
Slide 23: Reconciliation: Cash Flow from Operations
RECONCILIATION MPC | 1Q 2026 CASH FLOW FROM OPERATIONS, EXCLUDING CHANGES IN WORKING CAPITAL 2026 ($ Millions) 1Q Cash provided by operating activities 1,121 Less changes: Current receivables (4,302) Inventories (635) Current liabilities and other current assets 4,677 Fair value of derivative instru
Slide 24: Reconciliation: Segment Income to Adjusted EBITDA
RECONCILIATION MPC | 1Q 2026 SEGMENT INCOME FROM OPERATIONS TO SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q Refining & Marketing Segment Segment income (loss) from operations (371) 1,235 936 1,279 460 Add: Depreciation and amortization 406 405 426 390 387 Refinin
Slide 25: Reconciliation: Net Income to Adjusted EBITDA
RECONCILIATION MPC | 1Q 2026 NET INCOME (LOSS) ATTRIBUTABLE TO MPC TO ADJUSTED EBITDA 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q Net income (loss) attributable to MPC (74) 1,216 1,370 1,535 511 Net income attributable to noncontrolling interests 420 394 573 444 340 Provision for income taxes 37 268 460 3
Slide 26: Reconciliation: R&M Adjusted EBITDA to Margin
RECONCILIATION MPC | 1Q 2026 REFINING & MARKETING SEGMENT ADJUSTED EBITDA TO REFINING & MARKETING GROSS MARGIN AND REFINING & MARKETING MARGIN 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q Refining & Marketing segment adjusted EBITDA 489 1,890 1,762 1,997 1,377 Plus (Less) : Depreciation and amortization (4
Slide 27: Reconciliation: Renewable Diesel Adjusted EBITDA to Margin
RECONCILIATION MPC | 1Q 2026 RENEWABLE DIESEL SEGMENT ADJUSTED EBITDA TO RENEWABLE DIESEL GROSS MARGIN AND RENEWABLE DIESEL MARGIN 2025 2026 ($ Millions) 1Q 2Q 3Q 4Q 1Q Renewable Diesel segment adjusted EBITDA (42) (19) (56) 7 38 Plus (Less) : Depreciation and amortization (18) (18) (17) (16) (16) J
Slide 28: Reconciliation: MPC Excl. MPLX Gross Debt-to-Capital
RECONCILIATION MPC | 1Q 2026 MPC EXCL. MPLX GROSS DEBT-TO-CAPITAL Year Ended December 31, ($ Millions unless otherwise noted) 2021 2022 2023 2024 Total Debt MPC Consolidated(a) 25,539 26,700 27,283 27,481 MPLX Adjustments (18,571) (19,796) (20,431) (20,948) MPC Excluding MPLX 6,968 6,904 6,852 6,533
Slide 29: Reconciliation: MPC Excl. MPLX Net Debt-to-Capital
RECONCILIATION MPC | 1Q 2026 MPC EXCL. MPLX NET DEBT-TO-CAPITAL Year Ended Quarter December Ended 31, March 31, ($ Millions unless otherwise noted) 2025 2026 Total Debt MPC Consolidated(a) 32,876 32,825 MPLX Adjustments (25,653) (25,634) MPC Excluding MPLX 7,223 7,191 Cash & Cash Equivalents & Short